Technical Failure Weighing On EURUSD

Technical Failure Weighing On EURUSD

The euro currency has turned lower against the U.S dollar during the European trading session, after repeated technical rejections from the key 1.2400 resistance level. The EURUSD currently trades around the 1.2360 level, as a lack of buying demand above the 1.2400 level weighs on the pairs intraday sentiment. The pivotal 1.2344 support level, now remains the gateway to further intraday losses towards the key 1.2300 support region.

The EURUSD remains bearish while trading below the 1.2382 level, further intraday losses towards the 1.2344 and 1.2300 levels seems possible.

If the EURUSD pair moves above the 1.2382 resistance level, buyers may again test the 1.2400 and 1.2413 resistance levels.

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